The number of self managed super funds (SMSF) has increased by 27 per cent to 509,000 in five years and have total assets of $506 billion, according to the ATO’s latest report.
The report, titled Self Managed Superannuation Funds: A Statistical Overview 2011-12, shows the SMSF sector remained the largest sector of the Australian superannuation industry.
“The SMSF sector accounts for 99 per cent of the total number of superannuation funds and 31 per cent of the $1.6 trillion total super assets in Australia,” Assistant Commissioner Matthew Bambrick said.
“Data from the report also shows that since 2009 the establishment of new SMSFs has averaged at almost 27,000 a year.”
“It is estimated that for the third consecutive year SMSFs experienced a positive return on assets, of 1 per cent in 2011-12. While this is still a positive return, it is noticeably lower than returns from the previous two years.”
“We have also seen the proportion of SMSFs with borrowings increase from 1.1 per cent in 2008 to 3.7 per cent in 2012. At 30 June 2013, SMSF borrowings were equivalent to 1.4 per cent of total SMSF assets.”
“Notably, over the five years to 2011-12 contributions to the SMSF sector averaged $26.3 billion a year, with member contributions exceeding employer contributions by approximately two to one,” Mr Bambrick said.
The report is the fourth in a series of annual publications by the ATO that provides a statistical summary of the SMSF industry.
For the first time the report also examines the borrowing trends of the SMSF industry.
The next publication will be based on data for the 2012-13 financial year and is anticipated to be released in December 2014.
A copy of the report can be found on the Australian Taxation Office website.
Source: Australian Taxation Office Media Centre – 18 December 2013 Media release 2013/41